Anatomy of an OffShore Wind Deal

What is happening? Ørsted, the Danish company set to install the Garden State’s first offshore wind farm. They will partner with Newark-based PSEG. The details:

• New Jersey if putting $500 Million into the project.
•  Ocean Wind 1 project was approved by the New Jersey Board of Public Utilities in June 2019
•  6 companies bid a combined $4.37 billion for the right to build wind energy projects on the ocean floor off New Jersey and New York in the U.S. government’s largest such auction 
• Ocean Wind will provide 1,100 megawatts of electricity, enough to power 500,000 homes
• A 2nd related facility in Paulsboro on the Delaware River in southern New Jersey to build the huge poles supporting wind turbines.

Why is this important? The agreement includes Ørsted  using a state-financed manufacturing port to build the components of the offshore wind farm

How will this be important? Ports are setting carbon neutral time tables. We know Long Beach is and Houston set carbon neutral goals just last month.

AP | Orsted will use NJ Wind Port to build offshore wind farm